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  "authorName": "David Einhorn",
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  "notes": "The slide provides a breakdown of capacity changes (in million mtpa) and contextualizes the impact of Chinese supply versus other global regions.",
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      "text": "We don't think Mongolian supply is all that relevant because the transportation costs to Europe are prohibitive.",
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      "text": "Capacity Additions: 14.2 - 19.7 million mtpa",
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      "text": "Solvay is adding about 7% to its capacity by expanding in Wyoming in 2025 and 2026. WE Soda has a couple of greenfield projects in Wyoming called Pacific Soda and West Soda, coming online between 2027 and 2030.",
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      "text": "Over the next 7 years, soda ash capacity will grow about 2.5%-3.5% per year. Most of it will be new trona processing projects in Inner Mongolia and Wyoming. It takes about 3 years for a new processing plant to ramp up.",
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      "text": "Excluding China, the capacity additions are between 6 and 10 million tons of annual production, which are only 1.7%-2.7% per year, and most of it is toward the end of the decade.",
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      "text": "Excluding China, the capacity additions are between 6 and 10 million tons of annual production, which are only 1.7%-2.7% per year, and most of it is toward the end of the decade.",
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      "text": "Solvay is adding about 7% to its capacity by expanding in Wyoming in 2025 and 2026. WE Soda has a couple of greenfield projects in Wyoming called Pacific Soda and West Soda, coming online between 2027 and 2030.",
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      "text": "The largest expansion, which the bears are worried about, is from Chinese company Berun, which is developing a greenfield project in Inner Mongolia. We don't think Mongolian supply is all that relevant because the transportation costs to Europe are prohibitive.",
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      "text": "Over the next 7 years, soda ash capacity will grow about 2.5%-3.5% per year. Most of it will be new trona processing projects in Inner Mongolia and Wyoming. It takes about 3 years for a new processing plant to ramp up.",
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      "text": "The largest expansion, which the bears are worried about, is from Chinese company Berun, which is developing a greenfield project in Inner Mongolia. We don't think Mongolian supply is all that relevant because the transportation costs to Europe are prohibitive.",
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      "text": "Source: WE Soda Presentation, December 2023; Greenlight estimates and calculations.",
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